18.9 Percent of Orange County Homeowners Have Loans Higher Than Value

By
Real Estate Agent with Keller Williams Realty BRE# 01922634

18.9 Percent of Orange County Homeowners Have Loans Higher Than Value

18.9 percent of Orange County homeowners owe more on their loans than their homes value(underwater). This is almost one in 5. To some this is a difficult position. It is tragic. With about 1 in 5 people in California either unemployed or underemployed this condition is serious.

Most are looking for a silver lining and the positive news. I to want the positive news. It is difficult when thing are as bad as they are here. Little is done to help with building a job base or to help small businesses. Instead we have a state that is driving small businesses out of the area.

Prices continue to drop on homes and those that are selling are moving down in size or distress properties. It does seem that many believe that if they do not focus on the problem and do not give the situation energy it will go away. Life does not work that way.

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Rainer
37,356
Angie Nwanodi
Evergreen Realty & Associates, Inc. - Rancho Cucamonga, CA
The ACG Group, Realtors®|Standard, Short, HUD, REO

Thank you for the stat ...can I ask your source?

Mar 18, 2012 10:44 PM #1
Rainer
128,954
Insurance Solutions Unlimited,LLC
Insurance Solutions Unlimited, LLC - Winter Haven, FL
Insurance Solutions Unlimited,LLC

WOW, those are some scary numbers in Orange county CA.... I hope things start to turn around over there

Mar 19, 2012 03:26 AM #2
Rainmaker
717,063
Elite Home Sales Team
Keller Williams Realty - San Clemente, CA
A Tenacious and Skilled Real Estate Team

Angie the source was the Orange County Register our local paper.

Mar 19, 2012 07:43 AM #3
Rainmaker
717,063
Elite Home Sales Team
Keller Williams Realty - San Clemente, CA
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National Insurance Solutions.

We need a change or we are in deep trouble.

Mar 19, 2012 07:44 AM #4
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John McCormack
Albuquerque Homes Realty * www.AlbuquerqueHomes.com - Albuquerque, NM
AlbuquerqueHomes.com, Albuquerque Homes Realty

8.9 Percent of Orange County Homeowners Have Loans Higher Than Value > OUCH!  Can this be right?  I hope there was a misprint in the paper that provided this information.  Maybe you should call the paper and ask their source.   This bites for the industry as a whole my friend. 

Mar 20, 2012 12:23 PM #5
Rainmaker
717,063
Elite Home Sales Team
Keller Williams Realty - San Clemente, CA
A Tenacious and Skilled Real Estate Team

John

It is correct that almost one in five are upside down on their mortgages.  This is after we have had one of the highest foreclosure rates in the country and most of the sales have been short sales.  Ouch is right.

Mar 20, 2012 12:40 PM #6
Rainmaker
1,264,480
Michelle Gibson
Hansen Real Estate Group Inc. - Wellington, FL
REALTOR

I often wonder what the percent is for my area although if I had to guess it's probably more than 18.9%.

Mar 21, 2012 09:02 AM #7
Rainmaker
717,063
Elite Home Sales Team
Keller Williams Realty - San Clemente, CA
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Michelle

It is staggering if you really think about it.

Mar 21, 2012 09:25 AM #8
Rainmaker
980,981
Sharon Alters
Coldwell Banker Vanguard Realty - Fleming Island, FL
Your Fleming Island Relocation Agents.

Mark, a few years ago I was having a conversation with a high ranking banking employee. I slipped and said that 10% of all mortgages were underwater. He reacted swiftly and told me that would be a huge number. Turns out that was a low number.

Sharon

Mar 22, 2012 05:59 PM #9
Rainmaker
717,063
Elite Home Sales Team
Keller Williams Realty - San Clemente, CA
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Frank and Sharon

It is almost 1 in 5 here.

Mar 22, 2012 07:12 PM #10
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Debe Maxwell
www.AtHomesCharlotte.com | Savvy + Company Real Estate - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

WOW, 1 in 5 is higher than we are here, for sure.  We're seeing things turn around, thankfully, and hope you do too very soon!

Mar 22, 2012 07:42 PM #11
Rainmaker
717,063
Elite Home Sales Team
Keller Williams Realty - San Clemente, CA
A Tenacious and Skilled Real Estate Team

I hope it does soon.  Thanks Debe.

Mar 22, 2012 09:56 PM #12
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John McCormack
Albuquerque Homes Realty * www.AlbuquerqueHomes.com - Albuquerque, NM
AlbuquerqueHomes.com, Albuquerque Homes Realty

Mark - Just dropping by to wish you a great weekend in all you do my friend.  Make it a great one!

 

Mar 23, 2012 09:29 PM #13
Rainmaker
644,284
Michelle Cooks
Charles Stallions Real Estate Services - Pace, FL
Pensacola, Pace & Gulf Breeze Property Management

Mark 1 out 0f 5 I believe we are 1 for 4 HAha, but we will all look back in a few years and say WTH

Mar 24, 2012 09:26 AM #14
Rainmaker
351,161
Dan Brudnok
Keller Williams RE- Exton - PA License Number #RS225179L - Downingtown, PA
REALTOR,e-PRO,ABR,GREEN,SRES,CSP

I am not surprised, and knowing these statistics makes you better then most when it comes to selling/buying there, continued success.

Mar 25, 2012 04:48 AM #15
Rainmaker
717,063
Elite Home Sales Team
Keller Williams Realty - San Clemente, CA
A Tenacious and Skilled Real Estate Team

Thanks Jon.

Mar 25, 2012 08:21 AM #16
Rainmaker
717,063
Elite Home Sales Team
Keller Williams Realty - San Clemente, CA
A Tenacious and Skilled Real Estate Team

Charles

I really do hope that you are correct.

Mar 25, 2012 08:22 AM #17
Rainmaker
717,063
Elite Home Sales Team
Keller Williams Realty - San Clemente, CA
A Tenacious and Skilled Real Estate Team

Dan

Thank you for your kind comments.

Mar 25, 2012 08:23 AM #18
Rainmaker
720,734
Ann Hayden
Berkshire Hathaway HomeServices Select Properties-St. Louis Missouri - Wildwood, MO
SelectAnn.com

Mark,

I think small business need some incentives.  I also think the big retailers need to pay for insurance on their employees so the small business that do can compete.

Ann Hayden in Wildwood, MO

Apr 05, 2012 08:26 PM #19
Rainmaker
717,063
Elite Home Sales Team
Keller Williams Realty - San Clemente, CA
A Tenacious and Skilled Real Estate Team

Ann

I see no problem with some small business incentives. 

Apr 07, 2012 08:07 AM #20
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